By North-west correspondent Alex Stevens

Liverpool have been ordered to pay £8million to Burnley for Danny Ings, a tribunal ruled on Thursday.

An independent tribunal committee has decided following a hearing that began in Manchester on Tuesday that Liverpool will pay an initial £6.5million, plus £1.5million in performance-related add-ons, for the striker.

The Merseysiders must also pay the Championship club 20 per cent of any future profit they make on Ings.

The ruling was made on the cost of Ings’ transfer to Anfield in the summer of 2015 after the two clubs failed to reach an agreement following extensive talks.

They made representations to the hearing as the panel sifted through numerous statements, independent player analyses and other evidence before confirming the fee.

“We believe the process was conducted fairly and we respect the outcome,” Liverpool said in a statement on their website on Thursday afternoon. “We are pleased for Danny Ings, in particular, that this chapter is now complete and he can look forward to a long and successful career at Liverpool.”

Burnley valued the 23-year-old at around £10million, and claim that interest from Tottenham, who reportedly made a £12million bid, last summer should help their case. Liverpool’s valuation was closer to £4million.

The England international moved to Anfield upon the expiry of his contract last summer, but the Merseysiders have to pay compensation to Burnley and his former club Bournemouth for training costs in accordance with Fifa rules for players aged under 23.

Burnley had expressed their confidence that the Ings fee would dwarf the previous tribunal record fee that Chelsea paid Manchester City for Daniel Sturridge in January 2010.

Sturridge cost Chelsea an initial £3.5million, supplemented by £3million add-ons and 15 per cent of any future sale. Given that the striker later moved to Liverpool, the total sum City received was £8.3million.

In other Liverpool transfer news, the club are preparing for the summer exit of a 28-year-old who has been on the fringes of the first team.